The UK has been called upon to ensure that pharmaceutical companies do not flee the country after Brexit and take their investments with them. Instead, now is the time to capitalise on the forthcoming Industry Strategy to create conditions that will encourage manufacturers to expand here and bring new companies to our shores as well.
Senior vice-president for North America, Japan, global supply chain at GlaxoSmithKline and chair of the Medicines Manufacturing Industry Partnership Ian McCubbin noted that the UK does indeed have excellent capabilities where scientific innovation is concerned, but it has failed to convert this into economic value and commercial products.
Speaking during the most recent Association of the British Pharmaceutical Industry (ABPI) conference, Mr McCubbin explained that companies have elected to relocate elsewhere as the worldwide pharma industry has retracted and consolidated.
“We will end up with a tax rate of around 10-13 per cent due to the combination of the changes in corporate tax rate, the pattern box and R&D tax credits. However, we need to do more in this area for small and medium-sized enterprises as it’s very important that they settle their GMP manufacturing facilities in the UK,” he was quoted as saying by PM Live.
Back in March, chief executive of the ABPI Mike Thompson commented on the triggering of Article 50, marking the start of official negotiations for leaving the EU. He said the organisation is now looking to find the best deal possible for ensuring that innovative medicines are available to patients, while protecting the future of the UK’s pharmaceutical industry.
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